Strong Demand for VIRTUAL Continues

After reaching $2.43 three days ago, VIRTUAL experienced a sharp rejection, dropping to $1.83. However, over the last day, the cryptocurrency managed to retest the support at $1.80 and bounced back to hit a 4-month high at $2.25.

VIRTUAL price rose sharply on 16 August, hitting a 4-month high of $2.25. This surge follows a period of strong demand for the cryptocurrency, which had previously faced rejection at the $2.24 resistance level.

After a brief decline to $1.83, VIRTUAL managed to retest the support at $1.80 and rebound. This recovery pushed the cryptocurrency to a new peak at $2.25, the highest level since February.

At the time of writing, VIRTUAL is trading at $2.24, showing an increase of 13.26% in the last 24 hours. The trading volume has also risen significantly by 69.16% to reach $329.34 million.

With a market capitalization of $1.44 billion, VIRTUAL is currently the 74th largest cryptocurrency, according to CoinMarketCap.

Strong Demand for VIRTUAL

The strong demand for VIRTUAL is evident in both the spot and futures markets. In the spot market, buyers outperformed sellers over the last 24 hours, accumulating a volume of $5.18 million and creating a positive imbalance of $403,000.

This trend is also observed in the futures market, where the open interest for VIRTUAL increased by 18.83% to reach $237 million.

Moreover, futures investors have a strong preference for long positions, which constitute over 50% of all contracts. This long/short ratio over 1, combined with a positive funding rate, indicates a widespread bullish sentiment on VIRTUAL.

According to AMBCrypto analysis, VIRTUAL is currently experiencing a strong upward momentum due to this increasing demand. Technical indicators suggest that the cryptocurrency may continue to rise, with the next significant resistance level at $2.44.

However, if the price momentum stalls and triggers a reversal, VIRTUAL could decline to the next support level at $1.92.

Investors will need to keep an eye on the market dynamics in the coming days to determine the direction of the next move for VIRTUAL.